Mortgage advice desperately needed - thankyou

BrokeBrunette

Firstly I apologise if I start waffling but I'll put this in the easiest way I can.

I am in the middle of a difficult divorce/financial settlement. I had arranged a mortgage to take over our current one but because my ex husband and his solicitors took so long to reply to letters etc my 6 month mortgage offer from Woolwich expired. I could not renew the same mortgage offer as my ex had by then cut maintenance for the children by £150 a month. This meant I would have been lying to the Woolwich about my income, which I was not prepared to do.

However I am now having to find a new mortgage and start again, paying all fees etc again. The problem is now that he is expecting me to give him a lump sum of £20k. I would then have to take out a mortgage of £40k (which is the joint mortgage amount outstanding) plus another 20k to pay him. This means a sum of £60k on mortgage. In the meantime I have been advised by his solicitors that he intends to cut maintenance by yet another £150 and so this leaves my monthly income as follows:

My wages £530 month net (approx £7.5k annual salary)
Maint from ex for children £300 month
Child Benefit £110 month
WTC/Child Tax Credit £480 month

Total monthly income £1420 approx


I am worried that my income won't support my application for a £60k mortgage and I'm not sure if I should just go back to the building society and ask them. I thought someone on this board might have a bit of advice for me and would be very grateful for all input on this. Should I try an independent mortgage person instead?

What I am also concerned about is that because the previous mortgage offer lapsed through no fault of my own that my credit rating for applying again will be affected. I have no other loans and a very small balance outstanding on one credit card. I have never defaulted on loans, mortgage etc.


Thanks again in advance of any advice, which I will gratefully receive as I have no idea what to do for the best now.

silvercar

I think you need to take advice on your divorce settlement. It sounds like he's dropping his payments every few months and expects you to accept it.

I don't know your circumstances, but quite often you get the right to stay in the family home until your youngest child finishes their education. Only then would he be able to have a chunk of the equity.

I think you have more to challange on than the value of your mortgage.

BrokeBrunette

silvercar wrote:

I think you need to take advice on your divorce settlement. It sounds like he's dropping his payments every few months and expects you to accept it.

I don't know your circumstances, but quite often you get the right to stay in the family home until your youngest child finishes their education. Only then would he be able to have a chunk of the equity.

I think you have more to challange on than the value of your mortgage.

Thanks for your advice, it's much appreciated. What he has actually done is find out the absolute minimum he would have to pay via the CSA and that is what he now wants to pay me. I don't think he can put it down again though as £300 is almost the minimum on his salary. He is also wanting a % of the house when youngest child is 18 as well as the £20k - long story and this would take this thread way off topic for mortgage thread. I did post all about this previously on another board but don't want to get told off or have my thread removed as I really do need some advice about the mortgage. I am just worried that if I keep trying different mortgage companies my credit rating will be wrecked and that's the last thing I need right now.

MortgageMamma

Hi There

As well as a supportive solicitor, as it doesnt seem like yours is hitting the parts they shoudl reach, you need a caring whole of market mortgage broker, who does not charge fee#s (you have enough to pay out). Now, can you just answer me two questions and I will try to help you.

Silvercar is correct in his statement about not having to pay anything until the youngest child leaves education,

Does your ex have a legal right to the 20k now or is he bullying you into giving it to him? (remember his problems and needs are no longer your concern. as he is clearly not bothered about yours)

Why are you agreeing to this ludicrous request when he keeps dropping the maintenance?

If you prefer to disclose this information privately do please PM me.

BrokeBrunette

MortgageMamma wrote:

Hi There

As well as a supportive solicitor, as it doesnt seem like yours is hitting the parts they shoudl reach, you need a caring whole of market mortgage broker, who does not charge fee#s (you have enough to pay out). Now, can you just answer me two questions and I will try to help you.

Silvercar is correct in his statement about not having to pay anything until the youngest child leaves education,

Does your ex have a legal right to the 20k now or is he bullying you into giving it to him? (remember his problems and needs are no longer your concern. as he is clearly not bothered about yours)

Why are you agreeing to this ludicrous request when he keeps dropping the maintenance?

If you prefer to disclose this information privately do please PM me.

Thanks for offering some advice - he does not have a legal right to the 20k as yet. As I said before we are right in the middle of arguing over a financial settlement and I am still not sure if we will be going to court or not. At one point I offered him 20k and the endowment and his pension if he allowed me to take over the mortgage and keep the house. He refused this and also wants a % of the house when our youngest is 18, as well as the 20k, the endowment and his pension. My solicitor says I have to give him the 20k as I offered it. The problem is that he has dropped the maintenance payment so much that I probably cannot afford the mortgage I originally obtained and subsequently lost. His solicitor seems to be a lot better than mine unfortunately. If we go to court I am apparantly looking at up to 5k fees which I will have to take out as a loan and of course this will affect my mortgage application too.

Could you tell me if my credit rating will suffer if I keep going to different mortgage companies to see if they will give me the mortgage or not?

Thanks again for any advice you can give me.

MortgageMamma

I think you need to find another solicitor your whole future depends on it. I am no legal expert but I've never known a court to rob a single mother of £20, give equity out of house to an ex husbamd and allow maintenance to be diminsihed. I think your ex is a bully and is playing mind games with you. I think he is a ruthless jkfsafgalsfg and you really need to sort him out. Change your solicitor believe me its never too late. where do you live?

As for you mortgage you will impair your credit rating if you keep applying to different companies and getting turned down. So, its best to speak with a whole of market advisor who can tell you who will lend you how much and on what basis before you even apply/

Sorry if I sound angry I am as an ex TRIED to do this to me and almost left me and my kids with nothing. Needless to say I saw through his tactics and games and came out OK. and I truly hope you do and you have plenty of friends to support you.

BrokeBrunette

I really do appreciate your support and input. I now realise I have to be careful with my mortgage applications and I have to decide what I am going to do for the best. This thread is probably getting a bit off topic so I will pm you if that's ok?

MortgageMamma

yes please do. If you go to a broker you won't be credit checked until you are found the most suitable lender. there are many deals better than what woolwich have and some with higher income multiples too. I personally seldom recommend woolwich as their are an administative nightmare.